Mara Holdings (MARA)
As of 2026-01-07
Convertible Risk Score
26
Tier
Low
Rationale
• High convertible to BTC holdings ratio
• Long weighted-average duration
• Partial redemption reduced convertible exposure
Key metrics
Total principal
3.3B USD
BTC Holdings
52,850 BTC
Convertible / BTC Holdings
67.8%
Weigthed-average maturity
2031-05-11
Weigthed-average conversion price
26.68 USD
Dilution if full conversion
36.1%
% ITM (proxy)
38.5%
BTC solvency breakeven (1Y)
$909.69
BTC solvency breakeven (3Y)
$909.69
BTC solvency breakeven (5Y)
$19.8K
Active convertibles
| Issue | Maturity | Coupon | Principal | Outstanding | Conv. price | Notes |
|---|---|---|---|---|---|---|
| 2021-11-15 | 2026-12-01 | 1% | 747.50M USD | 48.08M USD | 76.17 USD | |
| 2024-08-14 | 2031-09-01 | 2.125% | 300.00M USD | 300.00M USD | 18.89 USD | |
| 2024-11-21 | 2030-03-01 | 0% | 1.00B USD | 1.00B USD | 25.91 USD | |
| 2024-12-04 | 2031-06-01 | 0% | 925.00M USD | 925.00M USD | 34.58 USD | |
| 2025-07-25 | 2032-08-01 | 0% | 1.02B USD | 1.02B USD | 20.26 USD |
Expired / historical convertibles
No expired convertibles entered yet.
Updates
- 2025-08-08 — Issued USD 75M · Aug 2032 convertible purchasers' option; 7-year maturity; conversion price USD 20.26; 0.0% coupon. [source]
- 2025-07-28 — Issued USD 950M · Aug 2032 convertible; 7-year maturity; conversion price USD 20.26; 0.0% coupon. [source]
- 2025-07-28 — Redemption USD 19.4M · Dec 2026 convertible; partially redeemed. [source]
- 2024-12-10 — Issued USD 75M · Jun 2031 convertible purchasers' option; 6.5-year maturity; conversion price USD 34.58; 0.0% coupon. [source]
- 2024-12-04 — Issued USD 850M · Jun 2031 convertible; 6.5-year maturity; conversion price USD 34.58; 0.0% coupon. [source]
- 2024-12-04 — Redemption USD 51.2M · Dec 2026 convertible; partially redemeed. [source]
- 2024-11-21 — Issued USD 1.0B · Mar 2030 convertible; 6-year maturity; conversion price USD 25.91; 0.0% coupon. [source]
- 2024-11-20 — Redemption USD 212M · Dec 2026 convertible; partially redemeed. [source]
- 2024-08-14 — Issued USD 300M · Sep 2031 convertible; 7-year maturity; conversion price USD 18.89; 2.125% coupon. [source]
- 2023-09-21 — Redemption USD 417M · Dec 2026 convertible; USD 417M partially redeemed for shares at 21% discount. [source]
- 2021-11-24 — Issued USD 97.5M · Dec 2026 convertible purchasers' option; 5-year maturity; conversion price USD 76.17; 1.0% coupon. [source]
- 2021-11-15 — Issued USD 650M · Dec 2026 convertible; 5-year maturity; conversion price USD 76.17; 1.0% coupon. [source]